Congress quietly moves along $200B tax!

Congress this week passed a budget outline that calls for more than $200 billion in new taxes over five years. The plan is based on letting many of the Bush tax cuts expire including the lower income tax rates and the lower 15% tax rates on capital gains and dividends. These taxes would go up.

The plan adds $22 billion to the President’s budget. Discretionary spending is expected to reach 19% of GDP which would be a 40-year high.

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  • CRAWDUDE

    They’ll have to explain during the 2008 election campaign; my guess is that Pelosi won’t be speaker after that election.

  • Sybella

    I don’t know if that will make any difference. People seem to be living with their head in the sand. Guess they’re the ones getting sand up their nose.

  • CRAWDUDE

    When the already over taxed middle class see their tax rate going from 25% to 28% I thinK it’ll have an effect. All the opposition has to do is highlight how much it’ll cost the average family. Also remember the tax cut , cut some people from 15% to 10% and many 15%’ ers to nothing. That all goes away too so the Democrats (since they control both houses) set themselves up for a messy campaign issue…………I’m not sure why.

  • Yeah More Taxes!

    Yeah More Taxs!
    Is it great that those republicans who voted the rascals out and let the democrats run things are now getting their just deserts.
    I am not going shed any tears. The electorate has the government that they did not vote for. You all cooked this stew now it is time to eat even if I have to shovel the last soon full down your worthless throat

  • Jesse O

    I love it when you call doing nothing raising taxes. This is a press release about the Democrats not doing something about certain bills that were designed to expire.

    It’s like “the Democrats are, therefore my (or rather, the rich’s) taxes are going up.”

    Oh, darn, my 15th Mercedes might get taxed.

    The correct title would be “Congress quietly doesn’t extend tax cuts for the rich.”

  • anon

    Ohh and don’t forget Republicans have more than doubled the national debt so the Congress is left scatching for ways to keep the country going. Bush’s spending spree continues to spin out of control.

    Ain’t it awful that Congress quietly didn’t extend tax cuts for the rich? The measure of how well the society is doing is at it’s base, not at it’s appex.

  • Captain_Anon

    yeah, i don’t think you can resonably call a bill that had a sunset clause expiring, a tax hike.